Local Lend a Hand

killzusall

We bought our house on the Local Lend a Hand scheme at a fixed rate for 3 years. So the government puts in the extra 20% deposit to give us a lower rate. Am I right in thinking that when my fixed rate ends I am best to stay with the same bank (as the scheme isn't with anyone else) and that when the 5 years is up our mortgage will shoot up unless we have paid off the equivalent of having a 25% deposit paid off?

Thank you for your help.

Thrugelmir

Any mortgage offers will be based on the equity that you have in the property.

killzusall

Just to be clear - then I am most likely to need to stay with the bank and my interest rate will go up at the end of the scheme. Thank you.